National Republican., 1887-09-14
A Plan of Relief.

All tnaJ inc NATIONAL hEIJBLlCAS mas
predicted since May last concerning the
finances Of the country is now admitted by
lshed below. The President, In recent
interview, has declared the policy Of the
administration to be In favor OF purchasing
bonds at premium And yet the bond
holders do not wish 10 sell at prices the
government is willing to purchase at. The
New York Herald says, In the editorial re-
ferred to, "after all comparatively small
proportion Of the holders OF government
bonds are willing to sell, )" especially the
holders Of the 41 per cents. which mature
fist.
The administration had plain duty to
perform, and that was to call an extra
session OF Congress. The criminal failure
Of the forty-ninth Congress to legislate in
the interest of the people by reducing taxa
tion an amount equal to at least 800, ,000, 900
per aunum, as recommended by the Presi-
dent and Secretary Manning seems to have
destroyed the confidence of the President
Ing to increase the public debt without
authority Of law rather than invoke the aid
Of the flftieth Congress, which contains
129 new members. Martin Van Buren was
statesman, and was q Democratic Presi-
dent from the state of New York. Just
fifty years ago this month he called an ex-
ira session Of Congress to adjust the
finances of the country, and for that pur-
pose only.
Wall street ilnanciers are sagacious and
fai-1eeing. Noting, as they did, the ab-
sorption of the currency of the country by
the treasury in the collection of taxes, they
knew months ago THAI strlngency In the
money market must come. They have Sc.
cured large loans from the banks upon the
securities they hold, taking vas sums out
Of the regular channels of businessmen.
chandise, manufacturing, transportation o.
the crops, &c.-holding this money for spec.
uletive purposes. As the process OF the
contraction OF the currency goes on The
rates Of interest grow higher, and a better
grade OF securities are required to obtain
loans.
A few days ago the New York press au.
nounced that the cheap money OF Europe
would come over so freely as to preven,
financial distress, The Bank of England
is constantly raising the rate Of interest,
and will continue to do so until the dow of
gold shall cease.
This condition OF affairs demands thu
best thought, and an honest expression o.
it, for the general welfare Of the people
The NATIONAL REPUBLICAN, therefore, hai
suggestion TO make to the President, Gut
as he has seemed willing to take a fearful re
sponsibility, he certainly cannot object Il
the adoption of plan that will reduce the
interest paid by the people one-hali, ant
furnish safe way to restore to the legiti
mate channels of trade an ample amoun
Of currency to transact the business Of thu
country, which has been wrenched from
the people by excessive taxation, and re
port hIs action to Congress for Its approval
The NATIONAL REPUBLICAN, therefore
recommends, In the interest Of all the peo
pie, that the President instruct the Secretary
Of the Treasury to receive United state
bonds on deposit AS security, loaning al
amount not exceeding the par value of tht
bonds so deposited at interest at the rate Of
2per cent, per annum.